Which of the following statements appropriately describes attributes of perpetual and periodic inventory systems?

Q: 3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balan...

A: A partnership is a kind of business structure in which two or more people agree to carry out commerc...

Q: Multiple choice: 1. Entity A had total assets of ₱120M and total liabilities of ₱80M at the beginnin...

A: Entity A had total assets of ₱120M and total liabilities of ₱80M at the beginning of the period. At ...

Q: Distribution of Profits or Losses Based on Partners' Agreement Pasia, Te, and Ocenar each receive a ...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Home Office Branch Sales P 256,000 P 78,500 Purchases from outsiders 210,000 20,000 Shipments to bra...

A: a. Mark up on purchase = (40,000 - 30,000)/40,000 = 25% of Billing price Inventory at cost on Decemb...

Q: From the following particulars prepare a balance sheet for Health and Wellness Hospital as at Decemb...

A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balan...

Q: 1. Prepare the income statement to reflect lower of cost or net realizable value valuation of the cu...

A: Lower of cost or NRV concept means the inventory should be reported at cost of NRV, whichever is low...

Q: Partners RJ, RS and RX share profit and losses in the ratio 5:3:2. At the end of a very unprofitabl...

A:

Q: During 2023, Lowry Company was used by a competitor for P5,000,000 infringement suit of a trademark....

A: GIVEN   During 2023, Lowry Company was used by a competitor for P5,000,000 infringement suit of a tr...

Q: ABC Company uses a job order costing system and the following information is available  from the re...

A: The overhead is applied to the production on the basis of predetermined overhead rate.  The overhead...

Q: 1. Which of the following would result to total expenses of ₱480,000? A. Total income of ₱630,000 an...

A: Profit: Profit is the money that a firm makes after all of its expenditures have been deducted. From...

Q: determine combined net income (loss) of the home office and the branch for the year 2021.

A: We are given the balances of trading account items for both the branch and the home office. The comb...

Q: Hernandez Company has 560,000 shares of $10 par value common stock outstanding. During the year, Her...

A: Shares outstanding = 560,000 shares Stock dividend = 15% = 560,000 * 15% = 84,000 shares Stock divid...

Q: Home Office Branch P 256,000 P 78,500 20,000 Sales Purchases from outsiders Shipments to branch: Cos...

A: Mark up on purchase = (40,000 - 30,000)/40,000 = 25% of Billing price   Inventory at cost on Decembe...

Q: Note that this was everything given for this particular item.   Use the information below to figure...

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...

Q: 1. The business receives billing for electricity used during the period. Before the bill is paid, it...

A: Note:- Since you have asked multiple questions, we will solve the first question for you. If you wan...

Q: Break-Even in Sales Revenue, Margin of Safety Sports-Reps, Inc., represents professional athletes an...

A: Contribution margin is the sales revenue which is over and above the variable costs of the business....

Q: Capital Gains and Casualty Gains and Losses (LO 8.9) An office machine used by Josie in her accounti...

A: As the machine is not insured, there is no way to recover the amount lost. 

Q: Analyze the conceptual framework of the pronouncement on equity investments under the international ...

A: Equity Investments: When money is invested in a firm via the purchase of shares in that company on t...

Q: Calculate the Begin. Inv. (in $000) Purchases COGS inventory depreciation expense for June using a 1...

A: A depreciation expense is the amount subtracted from gross profit to account for a decrease in the v...

Q: What is the most common source of funding for entrepreneurs? Multiple Choice personal savings and In...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: On November 5, 2019, a Muntinlupa Company truck was in an accident with an auto driven by Murcia. Mu...

A: Provision refers to funds that are set aside by the business with a view to cover uncertain future l...

Q: onsulting firm that uses job order costing to capture th ewere no consulting jobs in process at the ...

A: Job order cost system determines the cost of each individually as each job is different from one ano...

Q: No handwriting ,please  The Hilton's manufacturing company uses job order costing system. The compa...

A: Gross profit earned=Sales Revenue-Adjusted Cost of Goods Sold

Q: At December 31, Hawke Company reports the following results for its calendar year.

A: Bad debt refers to loans or ongoing quantities owed that are no longer considered collectible and mu...

Q: Multiple choice 1. Entity A had total assets, liabilities, and equity of ₱150M, ₱90M and ₱60M, respe...

A: Since, there are multiple questions posted we will answer the first question for you as per the guid...

Q: Determine the adjusted balance of the Home office account on the books of the branch as of December ...

A: ABC Company has a branch the balance of which in the home office books show a balance of P1,50,000. ...

Q: Retained earnings, May 1 $3,750,000 Net income 720,000 Cash dividends declared 80,000 Stock dividend...

A: If company issue stock dividend, company reduce its retain earnings and increase its capital account...

Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in tra...

A:

Q: On October 1, 2005, Steve admits Martin for an interest in his business. On this date, Steve's capit...

A: At the time of admission of new partner into the partnership, existing assets and liabilities are be...

Q: Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy, ...

A: Since the federal government forces companies to deduct these taxes from individuals' paychecks, FIC...

Q: Bison Co. acquired 70 percent of Hodge Co. by paying $650K on 01/01/2019, Of this amout, $20K was a ...

A: The equity method of accounting for consolidation uses the fair value to record all the assets and l...

Q: etained earnings, May 1 $3,750,0 Het income 720,000 Cash dividends declared 80,000 tock dividends de...

A: Ending Balance of retained earnings = Beginning balance of retained earnings + net income - cash div...

Q: 15-year mortgage. In ne end of each month, with the first payment due on Janua

A: Given that, Cost of the building purchased = $550000 Down payment made = $110000 Notes payable signe...

Q: Glenville Company has the following information for April: Cost of direct materials used in producti...

A: Preparation of the above statements that is statement of cost of goods manufactured and statment of ...

Q: True or false Amortization is the spreading out of a cost over a period of time  ?

A: Cost refers to the amount incurred by the entity over a particular item of expense, asset or liabili...

Q: The following information came from the books and records of ABC Corporation and its branch. The bal...

A: Branch and Head office concept comes in to existence  where company is running from more than one en...

Q: Partners X (Capital Balance - 350,000), Y (Capital Balance - 750,000), and Z (Capital Balance - 400,...

A: Capital balance X = 350,000 Y= 750,000 Z= 400,000    

Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in tra...

A: Calculation:     Amount (P)   Branch account balance in the books of home office        1,50,00...

Q: Recording a Change in Depreciation Method Southern Corporation has been depreciating equipment over ...

A: Depreciation is the allocation of cost of asset over the useful life of the asset. There are several...

Q: what amount of accrued liability would Raven have reported in its December 31, 2026 statement of fin...

A: Provision of Litigation is the probability of uncertain timing or amount, in this case the Raven com...

Q: Entity A’s accounts receivable has a balance of ₱10,000. If the related allowance for bad debts acco...

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period. 

Q: Phillip F lamm's Computer Store in Texas sells a printer for $200. Demand is constant during the yea...

A: Inventory refers to the stock that the company has held for the resale purpose or the goods that are...

Q: On September 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to t...

A: Computation of total depreciation deduction for the year 2020 MACRS depreciation for 2020 + MACRS de...

Q: The stockholders' equity section of Heatherly Corporation's balance sheet as of December 31, 2021 is...

A: Every company requires capital for investment purposes and for carrying out their long term objectiv...

Q: What are scheduled, interim, and past due statements? Please explain.

A: Financial statements are documents that detail a company's operations and cash flows results. . The ...

Q: Multiple choice: 1. The business borrowed ₱1M from the bank. At maturity date, the business pays the...

A: Lets understand the basics. When one person borrows money from the other than then first mentioned p...

Q: The auditor shall never include in the same auditor’s report an unmodified opinion on a single FS th...

A: If the auditor determines that it is essential to express an adverse opinion or disclaim an opinion ...

Q: 023 is summarized as follow.

A:                   WQorking Note :- Particulars XY Sales Units AB Sales Units Old bugetedn units...

Q: 3. The following information came from the books and records of ABC Corporation and its branch. The ...

A: Branch Accounting is a book-keeping system in which separate accounts are maintained for each branch...

Q: Name the four major alternative cash flows assumptions.

A: The increase or decrease in the amount of money owned by a company, institution, or individual is re...